Great entrepreneurial qualities include being fearless. There are many barriers to success but fear doesn’t have to be one of them, as David Spencer-Percival explains in this TV show. Winning entrepreneurial qualities Characteristics? I am fearless, I have no fear about anything. I mean when you’ve, I’ve not [...]

Great entrepreneurial qualities include being fearless. There are many barriers to success but fear doesn’t have to be one of them, as David Spencer-Percival explains in this TV show. Winning entrepreneurial qualities Characteristics? I am fearless, I have no fear about anything. I mean when you’ve, I’ve not [...]

In this business growth show, Colin Stevens of Better Bathrooms discusses how his win at the National Business Awards gave him a publicity boost and increased his sales.

Business growth show: Awards publicity

Staff turnover’s reduced, sales have continued to increase. On our website we have but ‘award winning company’ and that improved conversion rates, which improves sales. People walking into the store say we just read you in the paper. On my twitter feed loads of people started following me, I got interviewed on Sky. This is a funny story. After winning at the National Business Awards it deserved to be celebrated. So we stayed out pretty much all night long in London and had a great time and after two hours sleep I went to Sky news. I was lying on the coach going I don’t think I can go on. I got made up and got the mic on at the studio. As I walking over to Kay Burley I had to dodge all the camera wires. As I was about to go on there was a war hit and I didn’t think I would get to do my bit, but Kay Burley is also from Wigan and she was adamant to get me on. So I did about seven minutes on Sky news. They did a fantastic piece on us they showed the business and the store. Getting that publicity is priceless. We could put it on our website and it provided credibility.

Look out for more business growth shows on Inside Finance TV. We will continue to follow ideas around publicising a business.

Business growth show: Two changes which ramped up sales

In this business growth show Colin Stevens explains how BetterBathrooms responded to customer needs in a way the industry had never done before.

Business growth show: Improving the industry standard

Predominantly the bathroom industry was Monday to Friday 9-5, you know, when everyone was at work, it seems madness looking back. So we included weekend opening hours, Saturday and Sunday, we did that from day one, seven days from when we opened the door. But what we did about three years ago, we changed the operating hours to ten o’clock at night in the week. So that’s sales, over the phone, showrooms, customer service, and again that has grown our sales quite tremendously. But were the first people to do that in the industry. Obviously the National Business Awards recognise that as being quite disruptive in the marketplace and that’s one of the other things. Another thing is transport system. We deliver nationwide so were are dealing with lots of logistics people all over the country, we found that we couldn’t keep full control of that so we’ve actually, in the north-west started our own transport network internally, so we’ve created a load more jobs, got a load of better bathrooms vans on the road. Service has increased dramatically because of it, for instance satisfaction rating went from, on our own transport vehicles, it went from 8.2 out of 1o to 9.9 out of 10 in the north-west. So its amazing when you listen to the customer and you think, actually this makes sense. It ramps your business.
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Life expectancy and retirement planning

Life expectancy is rising. Mike Fosberry of Smith & Williamson discusses successfully advising a growing number of retirees.

Financial services respond to higher life expectancy

I think the successes are people obviously living much longer nowadays.

Longevity I think it one of the biggest issues we face economically from a family life perspective. It's a huge impact in terms of well an economic perspective in terms of things like care costs, etc.

And how do you deal with longevity?

People are, let me say, they're retiring at 65, they may have a spouse who's three years younger than them on average, that's normally the case. One of them is likely to be alive in 30 years’ time, actuarially speaking.

So that's a huge issue because their retirement life may in some cases be longer than their working life. So do you have enough money when you retire to sustain yourself through what could be a very long retirement?

And bear in mind that the latter stages of the retirement are probably going to be in pretty poor health as well. So how do you cope with that? How much money do you need to cope with that? And so we've got to get people focusing on those issues now.

Government is looking at it.

Obviously we've seen extension of state retirement age. For most people it's going to be 67 or 68, perhaps longer in the future.

That's only part of the solution the government will put to it. They can't afford to increase the amount of money set aside for things like care bills, we haven't got the money to do it.

So there's going to be a huge incentive or a huge requirement for people to fund for themselves.

And that's part of my job, making sure that they focus on those issues.

In terms of success, well we have a lot of clients who are well into retirement, in their late 80s, who seem to be surviving on the income and capital that we're able to provide them with in their retirement.

So I'm touching wood when I say this because ultimately peoples’ expenditure patterns, etc differ.

But in the main I think we've done a pretty good job. And I think one of the issues there is being in a situation where you're able to provide that long term advice and have the capability of being able to do that as an organisation.

There is a big difference, there is a big difference because you walk in a room now and people know of you. Before, you'd walk in a room and people would like... they might know you, they might not know you but only through introductions.

I walk in a business meeting now or a business room now and it's like oh yeah that's Colin he won all those entrepreneur awards last year.

So it gives you that bit of negotiating power as well, and I guess belief in the business BetterBathrooms and the belief in you as an individual to back you.

So much so, because we've done so successful as a business, we've just done an equity release deal, so we've just got an injection of a lot of money, I can't comment on until after Sunday because Sunday papers hopefully will be publishing.

But the whole thing brought together and it's, like I say, it's been an amazing 12 months.

Levering success at the National Business Awards

Levering success at the National Business Awards

Dr Stephanie Hussels, Lecturer in Entrepreneurship, Cranfield University on levering success at the National Business Awards

I think the National Business Award has been great in getting publicity involved with it. So I think the first thing is, as a result of winning, this will already create some prominence. But I think this is a great piece they can use to attract to their customers.

Talk to your customers about it, mention it to your suppliers, it's something to be really proud of.

There are not many who make it to be winners of the National Business Awards, it's been running now for 12, it's the 12th year, so it's very elite group of people.

Shout it off the rooftops and let people know that you've been part of it.

We're testing Europe and we're looking at that and we're obviously receiving the investment money to carry on with the growth.
We're secure as a business, we don't want to... one of the reasons we got the investment money was to make sure we were just going to go twice as fast and still be stable.
We could have done it ourselves but I just didn't want to take that big risk. So yeah, UK, Europe and then the world.

Developing the right team

Developing the right team

Colin Stevens, Founder & Leader, BetterBathrooms.com on developing the right team

It's quite straightforward, you can't do it without them and I've been lucky from day one. My original first ever member of staff, my assistant, sales assistant, he become assistant manager, the manager of the Wigan store. Then he become the area manager, he's now in control of about 32 people and large turnover.

But if you can imagine from where he was to where he is now he's a completely different individual and one of the cultures that we've got in BetterBathrooms is you've got to innovate, you've got to come up with new ideas.

You've got to test the boundaries. Obviously a lot of these things get signed off and we've got this idea it's... and they bring it to my table and we say okay well what do you think about this, what do you think about that? But if it's bad they're not fearful, ie, I'm saying bad, if it doesn't work, some companies would go, well he's terrible or we have to get rid of him but we're not like that.

We allow people to make mistakes and the thing we don't allow is for when it starts and the project hits and it starts to actually have a negative, we just cut it fast. So as long as you can reverse engineer that whole process what you've just done. So I'd say all the team, the management team, even some of the guys down on the floor level, they come up with ideas and without their ideas and without their input you can't make it work.

And I mean we've done some amazing things recently, we flew the ex vice president of Disney World Florida over, a guy named Lee Cockerell. And the whole success of Disney World from a people side and the culture side has really been down to Lee. So it wasn’t that long ago we flew him over, he spent a couple of days with the staff, I still get regular emails off him every day, he's a little bit of a mentor to me. So we've done that investment there and then we've got a training strategy for the managers where okay we've got a concept, this is how we want to operate.

But they then have individual mentors and one to one trainers and managers and they then guide them individually throughout the process. Because obviously everybody's got their own problems and some people are good at statistics, other people can't create story out of statistics so it's helping them on those things.

Other people really... we've got some managers who have... are not outgoing as a people so they have to work on the people side to make sure that they're motivating. Some people find it hard to say hello when they walk into work, I'm one of those people.

Usually I want to get from my front door to my desk as quick as I can do to work as fast as I can do.

So I've had to learn the skill of saying hello and smiling, so we all work on it together, we're all learning every day. But I can't do it without them and to be honest it's a lot more about them than it is about me now because I've moved up to sort of CEO level and I'm mentoring people who are 15 years older than me in management levels as well in some cases.
So it's a bit strange at times but it's good.

Passing on the tricks of the trade

Passing on the tricks of the trade

Colin Stevens, Founder & Leader, BetterBathrooms.com on passing on the tricks of the trade

I've had another Sky interview and a few more BBC Radio interviews but also because of winning entrepreneur of the year you get other opportunities. So I'm involved in the tenner campaign which is a government backed campaign where we give £10 to students at high school and they basically use that £10 to buy a product and resell it.

And this is something that's rolled out nationally.

So I went to a school in Manchester and worked with their students and it was amazing, like you're talking about 11, 12, 13 year olds who were thinking like entrepreneurs, they were really into it. I guess the Apprentice TV thing's really helped that. So I've been involved in that project, I've been involved in other charity stuff.

So it's just allowed me to get to another level for people to actually recognise that actually this guy's quite good at business and not only that, if this kid at 32 years of age can do all of this I wonder if he can share that knowledge.

So I've actually got involved in a few other things since then, a few other businesses and I'm mentoring someone now who's 21 years of old who's the next, in my opinion, the next super geek and he doesn't mind me saying that.

I'm a bit of a geek myself. So it's been an amazing journey this last year.

Business failure success stories

Amazing success stories. I think probably one of the big ones we did a few years ago was a large child nursery business, household name that had branches around the country.

Came to us, the business was performing reasonably well but they had a very large loan, debts, and they needed to be restructured.

We managed to arrange a restructuring, partly using the insolvency process, without it getting into the press, more importantly without the business suffering any stigma of insolvency which is an important thing if parents are sending their children to a nursery every day.

Why sponsor the National Business Awards?

Guy Rigby: "First of all we want to be known, so you know, Smith & Williamson is a quiet brand and we’re trying to get it out and dust it off a bit and you know, make sure that people know who we are. Secondly, we really believe in this entrepreneur community, which is why we’re sponsoring this particular award. And around us in the accountancy profession, you know there are some other big firms but most of them are focused on doing audits, doing tax and working for larger corporates. And we find that the opportunity to work for these up and coming firms is very exciting, very interesting, and we think a natural spot for us."

NBA winner must show proof of growth

NBA winner must show proof of growth

Guy Rigby: "It can be very, very early stage, some of the businesses, you know, are turning over just a few hundreds of thousands, a million or two. Last year the business that won was turning over probably 20 million. But that didn’t matter, I mean if we’d favoured something because it was very fast growth. It’s quite difficult to appoint a National Business Awards winner to someone who’s just started a business because the proof of the pudding isn’t yet there. But if we can see exponential growth and they’ve been around long enough then they’d certainly be considered."

Businesses with incredible potential

Guy Rigby: "You get a total variation of businesses. I mean one of my favourites last year that we put forward for inclusion in the top 10 was a company called Rock Choir, which if you haven’t heard of it, it’s a marvellous social business effectively where people go off every week and sing together. And it’s for profit, so it’s a very, very social thing. I mean I have to say my wife goes and she comes back in such a fantastic mood, I wish she could go every night to be honest. But no, it’s a really, really fantastic evening. And they’ve built a real business around this. So this is a community thing, it happens in lots of different cities around the UK, well not even cities, towns, villages etc. And I believe that they actually culminate with sort of concerts at the O2 and things like that. So everyone getting together, have a great singsong. And they do rock music, you know, ELO, stuff like that, really good. So Rock Choir was a business, we had a big hosting company like, you know, companies like ... I’m not going to name names in that area, but they’re ... we had a couple of bathroom companies that were basically selling online. So technology platforms with Facebook pages, suddenly turning over 20 million a year, amazing how these things are springing up. So a lot of sort of businesses that are becoming technology enabled and using the internet to grow, and leaving effectively, leaving those whole high street players behind. We’ve seen it happen haven’t we?"

National Business Awards ‘entrepreneur of the year’

Guy Rigby: "The National Business Awards are, I suppose, the pinnacle of success for a lot of entrepreneurial type businesses, because we are focusing on entrepreneurs and their ... or private clients and their business interests, which I look at as being the entrepreneurial types. We’ve decided that we’re going to sponsor 'entrepreneur of the year'. We did some judging last year, we weren’t the sponsors this year, we were actually the sponsors. So it’s going to be quite exciting. A big national programme, really good for Smith & Williamson, covering all our offices. There’ll be different events going on. It’s a nine month programme. We had some real fun judging it last year, some great companies get involved."

Linear thinkers need a re-boot

Business is no longer linear and you have to adapt your thinking to suit. Julie Meyer explains further in this TV show.

Business strategy models - Networks

If you are still, in any way shape or form thinking linear or hierarchical, you need to update your thinking to a network orientation. That's much more important than just the Facebook as a phenomena or LinkedIn as a phenomena. Everything has moved to a world of interdependency and multiple dependencies in that.

Business leadership video for success

The formula for success is hardwork, courage and tenacity. She says entrepreneurs should create a team that feels like a family and would love to do business on a hand shake again. There is a value in building real relationships in business.
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